We offer standard Conventional financing for home purchases and refinances with very competitive interest rates. Conventional financing are those residential home loans whose interest rates are most commonly advertised.  Conventional financing offered as fixed rate loans or Adjustable Rate Mortgages (ARMs) with loan terms that varies from 30, 20, 15 and 10 years.  Typically the property taxes and homeowner’s insurance are included with the monthly payment.  However, you may be allowed to have these “escrow payments” waived provided you make at least a 20% down payment on a home purchase or loan amount is less than 80% of the value of your home if you are refinancing.  Private Mortgage Insurance (PMI) payments are also included in your monthly payments.  PMI is required by the lender and protects the lender if you default on the loan.  The amount of your PMI payment will depend on your loan amount, your loan amount to property value (LTV) and your credit scores.  You can reduce your monthly PMI payment by reducing your LTV.  The need for PMI is waived when your LTV drops below 80%.    

We offer VA financing for active duty and retired military for home purchases and refinances.  VA financing can cover up to 100% of the purchase of a home and allows for the seller to pay up to 4% of the buyer’s closing costs.  Monthly mortgage insurance payments are not required for VA loans because these loans are partially insured by the Federal government.

(1)  Refinancing to Remove Yourself or Your Spouse From the Mortgage

When going through a divorce, one party may retain the home as part of the settlement.  This action will be defined in the Divorce Settlement Agreement.  There are two additional actions that are required if the home was purchased jointly; removing one spouse from the Deed, and removing the spouse from a mortgage.  Removing someone from the Deed can be accomplished by what’s called a Quick Claim Deed.  In order to remove someone from the mortgage, the current mortgage must be refinanced.  We recommend the action be completed as soon as possible to prevent possible credit complications down the road.

(2)  You have been hit with a large bill, payment is due and you want to preserve your credit.

(3)  You are buying a new house, you don't really want to sell your current home but you need the cash for the down payment on your new home.

 (1)  Home Refinances are used when medium to large home improvement are done in conjunction with lowering your interest rate, term on consolidating debt.  This loan option can provide cash for up to 90% of the current appraised value of the property to cover the refinance, closing costs and cash you need.  Ever been told that 90% of the current value of your property will not give you enough cash you need?

 (2)  A second mortgage is literally a second mortgage lien against your home.  The home owner may have an existing first mortgage that they do not want to refinance for whatever reason so a second mortgage allows the home owner to borrow against the equity in the home without changing the first mortgage. Second mortgages are for fixed loan amounts over a fixed term.

 We offer Second Mortgages for up to 100% of the value of your home depending on your financial needs and credit history.  (We actually offer second mortgages for up to 125% of the value of your home but generally do not recommend them.)  In most cases the only “out of pocket” expense for a second mortgage is the cost for an appraisal.

(3) Home Equity Lines of Credit or HELOCs are a type of second mortgage.  The primary difference is that with a standard second mortgage the full loan amount is provided at closing (after the three-day recession period). With a HELOC a line of credit is established and the homeowner will receive checks and/or a credit card at closing that can be used to access the equity in the home as needed over a period of time.  Additionally, with a HELOC, you can continue to withdraw equity after you have paid back the initial withdrawals as long as the HELOC is active.  These advantages allow you to use the equity in your home like a credit card and the interest is fully tax deductible as long as the HELOC did not exceed the value of your home.